I have a family history of Cardiomyopathy will my life insurance be affected?
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We were recently approached by Mrs P, a 44-year-old non-smoker. She was in the process of moving house and wanted to arrange life insurance to protect her mortgage. She told us this was important as she has two young children. Therefore, she wanted to ensure she was providing them with financial security if she were to die before the end of the mortgage term.
The new mortgage had an outstanding balance of £243,000 over a 24-year repayment term.
Mrs P considered herself a healthy individual and was shocked to encounter problems in arranging life insurance. She told us that she had previously applied to two insurance providers and they had both requested further medical evidence based on her medical history. This was because they were concerned that Mrs P’s father had been diagnosed with cardiomyopathy when he was only 52 years old.
What is cardiomyopathy?
Cardiomyopathy is a general term for diseases of the heart muscle, where the walls of the heart chambers become stretched, thickened or stiff. This affects the heart’s ability to pump blood around the body.
Some types of cardiomyopathy are hereditary and are also seen in children and younger people.
One of the insurers told Mrs P that they would write to her GP, and assuming that even if she had no heart conditions herself, they would still double the cost of the monthly premium due to the potential risk.
The second insurance provider confirmed that they would not offer any insurance cover until Mrs P had completed extensive heart investigations.
Understandably, Mrs P did not feel that these decisions were fair, particularly as her father had been told that his cardiomyopathy was caused by a viral infection and was not a genetic condition.
Our advice and service
Once we had a good understanding of Mrs P’s requirements, we started our research process. This involved us contacting various insurance providers until we found one company who were happy to offer immediate life insurance (on the basis of information given on the application alone). Furthermore, they would not increase the premium above that of the initial quote.
Mrs P was delighted to obtain a decreasing term life or earlier terminal illness policy with an initial sum assured of £243,000 over a term of 24 years for a monthly premium of £18.29. The policy was set up in less than 30 minutes and was ready to start as soon as she exchanged contracts on her new house purchase.
Please note that the premiums provided are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
When a client has a pre-existing condition or has suffered a serious illness in the past, the first thing we do is pick up the phone. We speak to Underwriters at many of the UK’s leading Insurance companies. Discussing all of our client’s medical history helps us to identify the best company to apply to. This also means we avoid applying to companies who will end up being too expensive or worse, decline an application. By completing our research thoroughly, we are able to avoid wasting time and obtain the best terms possible for our clients.Call me back
Client ref: 143582417
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